Arconic Corporation is an American industrial company specializing in lightweight metals engineering and manufacturing. Arconic's products are used worldwide in aerospace, automotive, commercial transportation, packaging, building and construction, oil and gas, defense, consumer electronics, and industrial applications.
History
On November 1, 2016,
Alcoa
Alcoa Corporation (an acronym for Aluminum Company of America) is a Pittsburgh-based industrial corporation. It is the world's eighth-largest producer of aluminum. Alcoa conducts operations in 10 countries. Alcoa is a major producer of primar ...
Inc. spun off its
bauxite
Bauxite is a sedimentary rock with a relatively high aluminium content. It is the world's main source of aluminium and gallium. Bauxite consists mostly of the aluminium minerals gibbsite (Al(OH)3), boehmite (γ-AlO(OH)) and diaspore (α-AlO ...
,
alumina, and aluminum operations to a new company called
Alcoa Corp.
Alcoa Inc. was renamed Arconic Inc., and retained the operations in aluminum rolling (excluding the Warrick operations), aluminum plate, precision castings, and aerospace and industrial fasteners.
It focuses on turning aluminum and other lightweight metals into engineered products such as
turbine
A turbine ( or ) (from the Greek , ''tyrbē'', or Latin ''turbo'', meaning vortex) is a rotary mechanical device that extracts energy from a fluid flow and converts it into useful work. The work produced by a turbine can be used for generating ...
blades for sectors including aerospace and automotive.
It trades on the
NYSE
The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District of Lower Manhattan in New York City. It is by far the world's largest stock exchange by market capitalization of its liste ...
under the ''ARNC'' ticker.
Separation into Howmet Aerospace Inc. and Arconic Corp.
On February 8, 2019, Arconic Inc. announced that it would split into two separate businesses.
Arconic Inc. would be renamed
Howmet Aerospace Inc. and a new company, Arconic Corporation, would be set up and spun out tax free from Arconic Inc.
The new Arconic Corporation will be focused on rolled aluminum products and Howmet Aerospace on engineered products. The separation was completed effective April 1, 2020.
Controversies
Grenfell Tower fire
In 2020, the
official inquiry into the
Grenfell Tower fire
On 14 June 2017, a high-rise fire broke out in the 24-storey Grenfell Tower block of flats in North Kensington, West London, at 00:54 BST and burned for 60 hours. 72 people died, two later in hospital, with more than 70 injured and 223 esca ...
heard evidence that Arconic products had been installed on Grenfell Tower with Arconic's approval despite Arconic knowing at the time of installation that the product did not meet the required fire safety standards. 72 people died in the fire.
However, several Arconic officials refused to co-operate with the inquiry.
On 14th June, the fourth anniversary of the Grenfell fire, two activists from protest group
Palestine Action staged a rooftop occupation of an Arconic factory in
Kitts Green, Birmingham.
The group claimed that Arconic provide "materials for Israel's fighter jets".
The factory building was daubed in red paint and the
Palestinian flag
The flag of Palestine ( ar, علم فلسطين) is a tricolor of three equal horizontal stripes (black, white, and green from top to bottom) overlaid by a red triangle issuing from the hoist. This flag is derived from the Pan-Arab colors and ...
was waved. The occupation ended when both activists were arrested from the roof of the building two days later.
References
External links
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Companies listed on the New York Stock Exchange
Companies based in Pittsburgh
Corporate spin-offs
Aerospace companies
American companies established in 2020
Manufacturing companies based in Pittsburgh